A Busy Person's Guide to the New Tax Law

At 145 words, the official title of the new tax law just signed by President Rodrigo Duterte on Dec. 19 – “An Act Amending Sections … “ already makes for tedious reading. How much more the body of the Tax Reform for Acceleration and Inclusion (TRAIN) law, its short name, which runs to some 107 pages?

Knowing fully well that not many people have the time, patience or inclination to read through the law or even a lengthy summary of it, we are reproducing for the benefit of our readers a very concise summary prepared by one of the country’s most prominent tax accountants, Raymond Abrea.

Popularly known as “The Philippine Tax Whiz,” Abrea is founder of the Abrea Consulting Group and the Center for Strategic Reforms of the Philippines, which conducts tax planning seminars for taxpayers. One of 2015’s The Outstanding Young Men of the Philippines (TOYM), Abrea also serves as advisor to the Bureau of Internal Revenue on tax administration matters.

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The law takes effect 15 days after it is published in the Official Gazette or publications of general circulation.